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Possible Bearish Inside Day Candle Pattern Detected for United Tech Corp (NYSE:UTX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in United Tech Corp (NYSE:UTX) based on the price action in the company's shares. Yesterday's price range of $147.53 and $148.62 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of United Tech Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

United Tech Corp (NYSE:UTX) is currently priced 1.9% above its average consensus analyst price target of $145.44. United Tech Corp shares have support at the 50-day moving average (MA) of $138.04 and additional support at the 200-day MA of $131.86.

Over the past year, United Tech Corp has traded in a range of $100.48 to $149.35 and closed yesterday at $148.22, 48% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.9%.

United Technologies Corporation provides technology products and support services. The Company products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire safety equipment.

SmarTrend is tracking the current trend status for United Tech Corp and will alert subscribers who have UTX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle united tech corp

Ticker(s): UTX